Outlook Remains Cautious Despite Higher Vehicle Sales In July
Outlook Remains Cautious Despite Higher Vehicle Sales In July
Perodua continues to lead the market with a 43.7% share, up from 41.3% last year, indicating a possible shift in market share from Toyota. Honda has managed to retain its 10% market share with a 16% rise in sales year-to-date, driven by aggressive marketing efforts.The Malaysian automotive sector has shown notable improvements in July, with the Total Industry Volume (TIV) reaching 71,730 units, marking a 23.5% month-on-month increase and an 11% year-on-year rise. The production volume (TPV) also surged to 70,300 units, reflecting a 41.1% month-on-month growth. This uplift follows a low base from June, which was impacted by maintenance shutdowns.
馬來西亞汽車行業在7月份表現出顯著改善，行業總銷量（TIV）達到71,730輛，同比增長23.5％，同比增長11％。產量（TPV）也激增至70,300輛，環比增長41.1％。此次上漲是在6月份以來的低基數之後出現的，受維護停工的影響。
Analysts have maintained a NEUTRAL stance on the sector, with Bermaz Auto (BAUTO) being highlighted as a top pick. Despite the positive July performance, the overall outlook for the automotive sector remains cautious. Analysts expect a cyclical downturn in earnings growth for the year, influenced by a lack of substantial new high-volume model launches. The 2024 TIV forecast is kept at 740,000 units, considering the sector's current trajectory and market conditions.
分析師對該行業保持中立立場，Bermaz Auto（BAUTO）被列爲首選。儘管7月份表現良好，但汽車行業的整體前景仍然謹慎。分析師預計，受缺乏大量新大批量新車型發佈的影響，今年的收益增長將出現週期性下滑。考慮到該行業目前的走勢和市場狀況，2024年TIV的預測維持在74萬輛。
For July, Proton and Perodua showed impressive month-on-month production increases of 55% and 53%, respectively. This rise is attributed to the ramp-up in production of Proton's X70, including the newly launched facelift model. In contrast, major non-national carmakers had mixed performances, with Toyota recording a 44% increase in production, while Honda saw a slight decline of 2% month-on-month.
7月份，寶騰和Perodua的產量分別同比增長了55％和53％，令人印象深刻。這一增長歸因於寶騰X70的產量增加，包括新推出的改款車型。相比之下，主要的非國有汽車製造商的表現好壞參半，豐田的產量增長了44％，而本田的產量同比略有下降2％。
Perodua continues to lead the market with a 43.7% share, up from 41.3% last year, indicating a possible shift in market share from Toyota. Honda has managed to retain its 10% market share with a 16% rise in sales year-to-date, driven by aggressive marketing efforts.
Perodua繼續以43.7％的份額領先市場，高於去年的41.3％，這表明市場份額可能從豐田轉移。在積極的營銷努力的推動下，本田設法保持了10％的市場份額，今年迄今的銷售額增長了16％。
Proton is advancing in the electric vehicle (EV) sector with its forthcoming e.Mas 7 model, set for release in December. However, due to the current price floor for completely built-up (CBU) EVs, which is expected to remain until the end of 2025, the e.Mas 7 will likely be priced above RM100,000. This pricing strategy is anticipated to limit its immediate impact on Proton's sales, given the niche market for EVs, which constitutes just 2-3% of national car sales. Analysts suggest that while starting with CBU units is reasonable, Proton will eventually need to localise production to reduce costs and support broader EV adoption.
寶騰即將推出的e.MAS 7車型定於12月發佈，正在電動汽車（EV）領域取得進展。但是，由於目前完全組裝（CBU）電動汽車的最低價格預計將保持到2025年底，因此e.MAS 7的價格可能會超過10萬令吉。鑑於電動汽車的利基市場僅佔全國汽車銷量的2-3％，預計這種定價策略將限制其對寶騰銷售的直接影響。分析師認爲，雖然從CBU單位開始是合理的，但寶騰最終將需要本地化生產，以降低成本並支持更廣泛的電動汽車普及。
Source: RHB
Title: Coming From a Low Base
資料來源：RHB
標題：來自低基地
譯文內容由第三人軟體翻譯。
